MIRA INFORM REPORT
|
Report Date : |
23.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
POWERCHEM
SUPPLY CO., LTD. |
|
|
|
|
Registered Office : |
421, 423 Soi Vachirathamsatit 34, Sukhumvit 101/1
Road, Bangchak, Prakanong, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
26.10.1995 |
|
|
|
|
Com. Reg. No.: |
0105538128333 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, distributor and exporter of textile printing chemicals |
|
|
|
|
No. of Employees
: |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
POWERCHEM SUPPLY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 421, 423 SOI
VACHIRATHAMSATIT 34,
SUKHUMVIT 101/1
ROAD, BANGCHAK, PRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2746-5250-2,
081 754-0123
FAX :
[66] 2746-5253
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538128333
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VARICH VATANASAKPISAL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 18
LINES
OF BUSINESS : TEXTILE PRINTING
CHEMICALS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 26,
1995 as a private
limited company under the originally registered name “Air Well
Co., Ltd.”. by
Thai groups. On February
13, 1996, its
registered name was
changed to POWERCHEM
SUPPLY CO., LTD.
Its objective is
engaged in trading
of textile printing
chemical to both domestic
and international markets.
It currently employs
18 staff.
The
subject’s registered address
is 421, 423 Soi
Vachirathamsatit 34, Sukhumvit
101/1 Rd., Bangchak,
Prakanong, Bangkok 10260,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Varich Vatanasakpisal |
[x] |
Thai |
47 |
|
Mrs. Prapim Vatanasakpisal |
|
Thai |
46 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Varich Vatanasakpisal is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Philips Martimer is
the International Sales
Manager.
He is British
nationality.
Mr. Viwat Pawapirom is
the Local Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing and exporting
of textile printing chemicals, such as
pigment and auxiliaries,
pigment emulsion, hi-power
pigment emulsion for
textile printing and
dyeing industries.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas
in Republic of China,
Taiwan, India and Europe.
MAJOR SUPPLIER
Work Chem Co.,
Ltd. : Thailand
SALES
The products are sold by
wholesale to customer
both local and
international, mainly in
Asia-pacific region such
as Myanmar, Malaysia, Bangladesh, Pakistan,
India, Sri Lanka
and Indonesia.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs 18
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/ residential area.
Warehouse is
located at 3 Soi Prawit and Friend
2, Sukhumvit Rd.,
Bangchak, Prakanong, Bangkok
10260.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
Subject’s business performance in 2010
was moderate. Demand
of textile printing chemicals from industrial
sector remains strong.
This has resulted
to rising subject’s
sales sale.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each with
fully paid.
On
August 28, 2008,
the capital was increased
to Bht. 3,000,000 divided into
30,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Varich Vatanasakpisal Nationality: Thai Address : 34/47
Moo 4, Trok
Nokkhet, Sukhumvit Rd.,
Bangchak, Prakanong, Bangkok |
16,238 |
54.13 |
|
Mrs. Prapin Vatanasakpisal Nationality: Thai Address : 421
Soi Vachirathamsatit 34, Sukhumvit 101/1
Rd., Bangchak, Prakanong,
Bangkok |
13,737 |
45.79 |
|
Mr. Varawuth Vatanasakpisal Nationality: Thai Address : 25
Moo 1, Nongpaikaew, Banbung,
Chonburi |
5 |
|
|
Mr. Somkiat Vatanasakpisal Nationality: Thai Address : 34/47
Moo 4, Trok
Nokkhet, Sukhumvit Rd.,
Bangchak, Prakanong, Bangkok |
5 |
|
|
Mr. Thawach Vatanasakpisal Nationality: Thai Address : 25
Moo 1, Nongpaikaew, Banbung,
Chonburi |
5 |
= 0.08 |
|
Ms. Prapai Monkosol Nationality: Thai Address : 25
Moo 1, Nongpaikaew, Banbung,
Chonburi |
5 |
|
|
Ms. Kobkul Vatanasakpisal Nationality: Thai Address : 8/146
Moo 9, Petchkasem
Rd.,
Bangkae, Pasicharoen, Bangkok |
5 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pornthep Praipaisalkij No.
3627
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
65,232.41 |
417,096.61 |
|
Trade Accounts Receivable |
16,228,564.81 |
23,076,129.47 |
|
Sale Department Receivable |
3,689,831.92 |
1,614,097.83 |
|
Inventories |
2,864,988.40 |
1,059,815.70 |
|
Prepaid Insurance Premium |
64,114.05 |
23,210.00 |
|
|
|
|
|
Total Current Assets
|
22,912,731.59 |
26,190,349.61 |
|
|
|
|
|
Fixed Assets |
2,528,599.30 |
1,537,301.98 |
|
Guarantee Contract |
7,500.00 |
7,500.00 |
|
Total Assets |
25,448,830.89 |
27,735,151.59 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
3,425,984.78 |
5,492,919.22 |
|
Loan Payable from Director |
12,090,000.00 |
11,390,000.00 |
|
Accrued Income Tax |
206,919.46 |
156,123.49 |
|
Accrued Expenses |
588,000.00 |
2,988,195.00 |
|
Accrued Withholding Income Tax |
60,381.67 |
43,113.14 |
|
|
|
|
|
Total Current Liabilities |
16,371,285.91 |
20,070,350.85 |
|
Total Liabilities |
16,371,285.91 |
20,070,350.85 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
6,077,544.98 |
4,664,800.74 |
|
Total Shareholders' Equity |
9,077,544.98 |
7,664,800.74 |
|
Total Liabilities & Shareholders' Equity |
25,448,830.89 |
27,735,151.59 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
85,009,218.71 |
71,239,962.66 |
|
Less: Discount Paid |
[6.49] |
- |
|
Gain of Disposal
of Assets |
94,339.83 |
- |
|
Other Income |
36.40 |
- |
|
Total Sales |
85,103,588.45 |
71,239,962.66 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
76,381,997.45 |
63,254,918.86 |
|
Selling Expenses |
1,722,581.47 |
2,434,340.25 |
|
Administrative Expenses |
4,795,582.97 |
4,148,571.41 |
|
Loss on Exchange
Rate |
471,258.79 |
59,048.62 |
|
Total Expenses |
83,371,420.68 |
69,896,879.14 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,732,167.77 |
1,343,083.52 |
|
Financial Cost |
[4.07] |
- |
|
Income Tax |
[319,419.46] |
[227,373.49] |
|
|
|
|
|
Net Profit / [Loss] |
1,412,744.24 |
1,115,710.03 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.40 |
1.30 |
|
QUICK RATIO |
TIMES |
1.22 |
1.25 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
33.62 |
46.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.34 |
2.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
13.69 |
6.12 |
|
INVENTORY TURNOVER |
TIMES |
26.66 |
59.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.68 |
118.23 |
|
RECEIVABLES TURNOVER |
TIMES |
5.24 |
3.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.37 |
31.70 |
|
CASH CONVERSION CYCLE |
DAYS |
67.00 |
92.65 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.85 |
88.79 |
|
SELLING & ADMINISTRATION |
% |
7.67 |
9.24 |
|
INTEREST |
% |
0.00 |
- |
|
GROSS PROFIT MARGIN |
% |
10.26 |
11.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.04 |
1.89 |
|
NET PROFIT MARGIN |
% |
1.66 |
1.57 |
|
RETURN ON EQUITY |
% |
15.56 |
14.56 |
|
RETURN ON ASSET |
% |
5.55 |
4.02 |
|
EARNING PER SHARE |
BAHT |
47.09 |
37.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.80 |
2.62 |
|
TIME INTEREST EARNED |
TIMES |
425,594.05 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
19.33 |
|
|
OPERATING PROFIT |
% |
28.97 |
|
|
NET PROFIT |
% |
26.62 |
|
|
FIXED ASSETS |
% |
64.48 |
|
|
TOTAL ASSETS |
% |
(8.24) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.26 |
Deteriorated |
Industrial
Average |
24.15 |
|
Net Profit Margin |
1.66 |
Impressive |
Industrial
Average |
(1.13) |
|
Return on Assets |
5.55 |
Impressive |
Industrial
Average |
1.76 |
|
Return on Equity |
15.56 |
Impressive |
Industrial
Average |
8.39 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 10.26%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 1.66%,
higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant position
within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
5.55%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 15.56%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.40 |
Deteriorated |
Industrial
Average |
21.48 |
|
Quick Ratio |
1.22 |
|
|
|
|
Cash Conversion Cycle |
67.00 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.4 times in 2010, increased from 1.3 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.22 times in 2010,
decreased from 1.25 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 67 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
1.80 |
Risky |
Industrial
Average |
1.80 |
|
Times Interest Earned |
425,594.05 |
Impressive |
Industrial
Average |
351.79 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 425594.05 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.64 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
33.62 |
Deteriorated |
Industrial
Average |
6,735.25 |
|
Total Assets Turnover |
3.34 |
Impressive |
Industrial
Average |
2.13 |
|
Inventory Conversion Period |
13.69 |
|
|
|
|
Inventory Turnover |
26.66 |
Satisfactory |
Industrial
Average |
32.91 |
|
Receivables Conversion Period |
69.68 |
|
|
|
|
Receivables Turnover |
5.24 |
Acceptable |
Industrial
Average |
10.18 |
|
Payables Conversion Period |
16.37 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.